Victoria’s manufacturing sector is gaining a major lift through its growing mRNA industry, with new analysis highlighting both economic and healthcare benefits for the state and the nation.
A report by Oxford Economics, commissioned by biotech company Moderna, found that Victoria’s partnership with Moderna supports around 1,000 jobs nationally each year and injects $220 million into the economy.
The report, Australia’s mRNA Advantage – Jobs, Health and Economic Resilience, was launched at the Moderna Technology Centre in Melbourne (MTC-M) on Monash University’s Clayton campus by Minister for Economic Growth and Jobs Danny Pearson.
“This is a once-in-a-generation investment in medical research positioning Victoria at the heart of advanced biomedical innovation,” Minister Pearson said.
“This facility will strengthen our health system, support jobs, and deliver vaccines that Australians can rely on to help protect us against diseases.”
According to the government, the MTC-M is the Southern Hemisphere’s only end-to-end mRNA manufacturing facility, with the capacity to produce up to 100 million vaccine doses per year.
Local vaccine production is expected to strengthen Australia’s ability to respond to future pandemics, potentially saving thousands of lives and avoiding billions in economic losses from lockdowns.
During its two-year construction period, the government noted the facility contributed $493 million to national GDP and supported 1,830 jobs each year.
Moderna’s partnership with the Labor Government is also supporting local research, development, and workforce training, with the company investing an estimated $266 million in national mRNA research and development between 2023 and 2033.
These activities are expected to generate an additional $267 million in national economic value over ten years, including $117 million in Victoria.
“This investment is a game-changer for our community – creating local jobs, driving medical research and opening up real opportunities for locals right here in Clayton,” Member for Oakleigh Steve Dimopoulos said.
Moderna Australia and New Zealand General Manager Michael Azrak said, “In a public health emergency, local matters. By investing in sovereign mRNA capability in Melbourne, Moderna is ensuring mRNA vaccines are made in Australia, for Australians.”
He added, “We recognise the critical role of the local mRNA sector in strengthening Australia’s health and economic resilience, and we are committed to working with industry and government to build this and deliver on the health and economic benefits outlined in this report.”
Read the full report, Australia’s mRNA Advantage: Jobs, Health and Economic Resilience on Moderna’s website.
